Word: trillion
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...region is flush with surpluses, not deficits. Asian countries have piled up more than $3 trillion in foreign-exchange reserves. And while currencies were overvalued a decade ago, they are undervalued today. The bitter fight between Beijing and Washington over China's massive surplus and undervalued currency is just the most visible part of this phenomenon. With the numbers the region is racking up, no currency trader would bet her Starbucks latte against Asian economies, let alone put real money into attacking Asian currencies. Banks around the region have been cleaned up. The fanciful projects of a decade ago-such...
...Ironically, Asia has played a role in stoking dangerous imbalances in the global economy. Its 'dirty-peg' currencies, which ostensibly float but in fact are controlled by central banks, have kept exports higher and imports lower than they would be otherwise. In the case of China, with its $1.2 trillion of foreign-exchange reserves, the cash is inflating an asset bubble in stock and property markets...
...those investors have been starving for places to put their money. China, economists estimate, has nearly 30 to 40 trillion in RMB savings. "People have been accumulating wealth and are desperate for good investment opportunities," says Sun. But China's banks offer paltry interest rates on deposits, so for much of the past decade, Chinese poured money into the real estate market. In part, says Sun, that's because "all the good companies in China were listing in Hong Kong," which until very recently was off limits for the vast majority of Chinese investors. The result, in the first half...
...also good business. While traditional banks have struggled to attract the unbanked without outrageous charges, check cashers and payday loaners raked in an estimated $11 billion in fees from this $1 trillion economy. Cleveland-based KeyBank, for example, has attracted just 5,500 new customers in the past two years with its own check-cashing business, but has yet to make a profit from it. One problem is that people who have never had a bank account are distrustful of banks as a whole and feel unwelcome in institutions where they could not qualify for a checking account...
...care companies that happen to make cars,'" says Senator Ron Wyden of Oregon. As it happens, Wyden has put an elegant and entirely radical health-care plan on the table. According to an independent assessment by the Lewin Group, a nonpartisan health-care consulting firm, it would save $1.48 trillion over the next 10 years...